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Supervision of the integrated European banking market : Time to rethink the institutional framework?
Trpčevski, Ivan ; Vacek, Pavel (referee) ; Mertlík, Pavel (advisor)
The aim of the thesis is to analyse the Europe-wide banking supervision. The thesis points out the existing problems and shortcomings of the current framework, analyses mutually competitive proposals for change and possibility of their implementation. It incorporates the appraisal of currently proposed legislative changes prepared by the European Commission and their impact in this context. Despite a very narrow focus of the thesis, it is characterized by a holistic approach. The topic of banking supervision at the level of the European Union is considered in a much broader institutional context, in the context of the integration of the banking sector during the past 30 years, and the latest financial crisis, as well. The thesis is evolutionary. It points out that there is no institutional form of efficient banking supervision. The process of institutional change, leading to the achievement of efficient supervision of the banking sector, is perceived rather as a long-run, in-depth process. It follows institutional changes in a much broader context than that of the banking supervision itself.
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Different approaches to money endogeneity within postkeynesian economics : reinterpretation into more general theory
Lopušník, Ondřej ; Sojka, Milan (advisor) ; Mertlík, Pavel (referee)
The theory of endogenous money supply forms one of the cornerstones of postkeynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be due to the existence of different approaches to money endogeneity within postkeynesian economics. Postkeynesian economics thus lacks a general formulation of money endogeneity. Naturally, we may ask whether reinterpretation of current approaches to endogeneity - structuralism and horizontalism - into more general theoretical framework is possible. This thesis aims at finding answer to this question. It is critical to Fontana's attempt to reinterpret structuralism and horizontalism into more general theory. In my opinion, Fontana misinterprets differences between the two approaches and focuses on their graphical representation too much. Regrettably, the second approach to reinterpretation based on detailed analysis of cross-differences shows that differences, some of them very serious, between horizontalists and structuralists still prevail. I come to the conclusion that so far the reinterpretation of structuralism and horizontalism into more general theory is not possible, thus rejecting my initial hypothesis. Powered by TCPDF (www.tcpdf.org)
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Theory of protectionism and trade policy of the European Union
Dobrovolný, Jan ; Benáček, Vladimír (advisor) ; Mertlík, Pavel (referee)
The thesis deals with the issue of protectionism, i.e. governmental policies for restricting international trade, from both theoretical and practical point of view. The first part is concerned with theory of protectionism in the framework of perfect competition in world markets. The emphasis is placed on the tariff on imports as the basic instrument of protectionist international trade policy. The second part is focused practically and deals with protectionist instruments within trade policy of the European Union. The Common Agricultural Policy of European Union is analyzed more properly. Powered by TCPDF (www.tcpdf.org)
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Endogeneity of credit or nominal rigidities?
Franče, Václav ; Lopušník, Ondřej (referee) ; Mertlík, Pavel (advisor)
This thesis presents a theoretical model which tries to explain causes of business cycles fluctuations and which has its roots in the Post Keynesian stream of economic thought. According to this model, investment shocks together with endogeneity of money causes business cycles fluctuations. This model is compared with existing New Keynesian models which assert that causes of business cycles fluctuations are monetary policy shocks together with various nominal and real rigidities. Author uses econometric techniques (impulse-response functions and forecast error variance decomposition) to investigate which phenomenon contributes more to business cycles fluctuations. Unfortunately, results do not enable to draw a straightforward conclusion. It seems that both phenomena play a certain role.
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Current economics crisis in the works of Paul R. Krugman and Joseph E. Stiglitz
Tóth, Lukáš ; Skuhrovec, Jiří (referee) ; Mertlík, Pavel (advisor)
This bachelor thesis deals with the thoughts on current economic crisis in works of Paul Krugman and Joseph Stiglitz. It starts with an overview of their current criticisms and comments on the deregulatory policies that took place in the U.S. for almost 20 years and the government stimulus and bailout bills that according to Krugman and Stiglitz do not sufficiently reflect the underlying issues that causes the crisis in the first place. Thesis continues with identification of these issues in works of both economists and links them to their previous works. I argue, that many of these issues have been identified long before the crisis and could be dealt with in time by proper regulatory measures. The last chapter contains several thoughts on issues I believe represent a more general layer of what lead to the current economic crisis.
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Forecasting the Czech exchange rate : a VAR analysis
Průša, Pavel ; Mertlík, Pavel (referee) ; Horváth, Roman (advisor)
This thesis provides out-of-sample forecast of Czech Crown to Euro exchange rate using the vector autoregressive model. We select inflation, output, unemployment and interest rate as the fundamental economic variables interacting with the exchange rate in the ten-year period from 1999 through 2008. As our analysis concentrates on the short-term horizon, we measure the performance of our estimates for 2009 against the benchmark of the naive random walk approach. Surprisingly, for our data the VAR model outperforms the normally distributed white noise significantly. We conclude that the main reason is the systematic and steady appreciation of the Czech Crown during the observed period, which cannot be captured by random walk. This shows that econometric approximation of exchange rate fluctuations can be meaningful even in the short-term horizons.
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The financial instability hypothesis of Hyman P. Minsky and its apllication to the current financial crisis
Paulus, Michal ; Skuhrovec, Jiří (referee) ; Mertlík, Pavel (advisor)
This bachelor thesis deals with the financial instability hypothesis of Hyman P. Minsky and its application to the current financial crisis. The first part of the thesis summarizes the hypothesis, and it mentions works elaborating the hypothesis. The second part of the bachelor thesis applies the hypothesis to the current financial crisis. The whole thesis refers to the general discussion about relations of the Minsky's hypothesis to the current financial crisis and to the fall of the insurance company AIG Corporation. The second part concludes that many relevant parts of Minsky's hypothesis can be applied to the recent financial crisis but important differences of the current financial system to the system in Minsky's times should be awared of. There are two most important differences: changes in risk management and new financial instruments. At the end, the thesis discusses the implications of these differences for applicability of the hypothesis on the current financial crisis. The thesis regards the fact that the recent financial crisis is caused by rational behaviour of economic agents and not by exogenous forces as the most important lesson to learn from the financial instability hypothesis of Hyman P. Minsky.
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PPP usage in the transport sector : theory vs. experience
Klaus, Marek ; Mertlík, Pavel (referee) ; Hájek, Filip (advisor)
The main goal of the thesis is to create Critical Success Factors (in other words factors, that are essential to achieve successful project) for the Public-Private Partnerships (PPP) projects in the sector of transport. For this purpose, the first part of the thesis is considering general theory, main characteristics, advantages and disadvantages of this alternative model of public infrastructure implementation. Following practical part is studying opportunities and risks of PPP project in the transport sector in term of experience and conclusions based on case study of a successful PPP project. The final part of thesis is constructing the Critical Success Factors and verifying them on certain PPP transport projects.
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The concept of "Leniency Programme" in the fighting against cartels
Dullová, Jana ; Hrubý, Zdeněk (advisor) ; Mertlík, Pavel (referee)
Bachelor thesis deals with cartel agreements and "Leniency programme", which represents one of the most successful ways of detecting conspiracies. In its very first part it describes the evolution of the concepts of competition policy. It is neccessarily followed by basic terms in the field of the protection of competition, as well as competition law in the USA, the EU and the Czech republic. In the next parts, models of cartel agreements and Leniency Programme including the prisoner's dilemma model are presented. Then the conclusions from previous chapters are used to draw up the recommendations in order to improve the efficiency of Leniency programmmes applied in the USA, the EU and the Czech republic. Powered by TCPDF (www.tcpdf.org)
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Monetary disequilibrium in the theory of endogenous money
Korda, Jan ; Koderová, Jitka (advisor) ; Mach, Miloš (referee) ; Mertlík, Pavel (referee)
The thesis deals with monetary disequilibrium in the theory of endogenous money. In the new consensus economics, money is endogenous and passive. Money market is not considered and if yes, then only in an implicit equilibrium, whereas mechanisms ensuring this equilibrium are not discussed. In post-Keynesian economics, there is an explicit discussion, whether monetary disequilibrium may occur. Horizontalists argued for equality of money supply and money demand. On the other hand, arguments of some structuralists based on an independent demand for money function show that monetary disequilibrium may occur. The thesis therefore analyses mechanisms ensuring equilibrium in the money market. The only mechanism among them which enables the passivity of money is the reflux mechanism. However, it can not be regarded as universal since not all economic subjects which create demand for money are in debt to the banking system. For that reason accommodation of some factors of money demand function is necessary and money is endogenous and active. Econometric tests studying independent money demand and the consequent possibility of monetary disequilibrium based on Granger causality tests seem to be methodologically problematic and showing mixed results. Monetary disequilibrium can not be ruled out. Contemporary monetary policy based mainly on new consensus approach thus omits one channel of monetary policy transmission. Theoretical analysis suggests that monetary equilibrium has to be (at least partly) restored through changes in factors of money demand, which can lead to changes of other macroeconomic variables including inflation.
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